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Title XXVI TRADE AND COMMERCE

Chapter 404

previous next Effective - 28 Aug 1986bottom

  404.600.  Exemption of third person from liability. — A third person, including an issuer of securities, transfer agent, financial institution, broker, life insurance company, benefit plan, personal representative or trustee, in good faith and without court order, may act on the instructions of or otherwise deal with any person purporting to make a transfer under sections 404.400 to 404.650 or purporting to act in the capacity of a personal custodian, successor personal custodian or legal representative of a personal custodian and, in the absence of actual knowledge, is not responsible for determining:

  (1)  The validity of the purported personal custodian's or successor personal custodian's designation;

  (2)  The propriety of, or the authority under sections 404.400 to 404.650 or under a contract between the beneficiary and personal custodian for, any act of the purported personal custodian;

  (3)  The validity or propriety under sections 404.400 to 404.650 of any instrument or instructions executed or given by the person purporting to make a transfer under sections 404.400 to 404.650 or by the purported personal custodian;

  (4)  The propriety of the application or use of any custodial property by the personal custodian;

  (5)  The validity of a delivery of custodial property by a personal custodian or legal representative of a personal custodian to a successor personal custodian;

  (6)  The validity of a delivery of custodial property by the personal custodian to the beneficiary or whether the beneficiary is incapacitated at the time of the delivery; or

  (7)  Whether the beneficiary is under any legal disability or incapacity at the time or subsequent to when any act is performed by or for the beneficiary with respect to the personal custodianship.

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(L. 1986 S.B. 651 § 9)


---- end of effective   28 Aug 1986 ----

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